Bitcoin struggles to rise above the $68,000 level of resistance. BTC is consolidating now and may decline towards the $63,400 area of support.
- Bitcoin is still struggling to increase its price above the previous record.
- The price has traded above $65,000.
- On the hourly chart for the BTC/USD, there is a short term bearish trendline forming. The resistance is near $67,000 (data feed by Kraken).
- The pair may extend their losses and revisit the $63,400 area of support.
Bitcoin Price Faces Challenges
The price of bitcoin started to plummet from the previous levels. new all-time high BTC dropped to $59 150 before trimming losses. BTC plunged to $59150 before it reduced losses. The price climbed to $65,000 again, but the bears now protect any gains above $67,500.
The price has now reached a high of $67,635; it is consolidating. It is trading above a 23.6% Fib level of the upward movement from the $59150 swing low to $67,635’s high.
Bitcoin still trades above $65,000. 100 hourly Simple moving average. Near the $67,000 mark, there is immediate resistance. On the hourly chart for the BTC/USD, there is also a short term bearish trendline forming. Resistance near $67,000.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next Key resistance could be at $68,000. If the price rises above this level, it could move towards the $69200 zone of resistance. If the price moves above the $69200 zone of resistance, it may rise to the $70,000 level. If the price continues to rise, it could reach the $72,000 mark.
Another Drop in BTC?
Bitcoin’s price could fall if it does not rise above $67,000. The $66,650 support level is the immediate support for Bitcoin’s downside.
First, $65,000 is a major support. If the price falls below $65,000 then it may start a decent decline towards the $63,400 50% Fib retracement of the move upwards from the swing low at $59,150 to the high at $67,635 If the price continues to fall, it could move toward the $62,500 zone of support.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $65,000, followed by $63,400.
Major Resistance Levels – $67,000, $68,000, and $69,200.
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